Posted on January 2, 2015

by Jerry Alatalo

fter the United States House of Representatives and Senate allowed Citigroup-written provisions in the Cromnibus national spending bill to pass into law, Senator Elizabeth Warren “enjoyed” nationwide fame for her forceful opposition to the language which repealed Dodd-Frank rules on derivatives specifically created to protect American taxpayers.

Besides asking how and why America’s elected representatives would agree to a measure in direct opposition to the overwhelming majority of citizens’ demand of never again bailing out too-big-to-fail banks, another question which comes up is “what other private sector companies have secured ‘help’ from taxpayers when their businesses fail?” Perhaps men or women reading this run their own businesses. Even without the ability to take gigantic derivatives risks – or engage in massive financial frauds, certainly people who “play by the rules” when managing their companies have no taxpayer bailouts lined up for them when any combination of conditions greatly harms their firms.

And with the five largest banks holding $280 trillion in derivatives (bets), the “Citigroup Provision” could lead to world record-type “helping” from Americans to Wall Street gamblers. There could be no clearer example of how the United States financial system – along with those of nations in the G20 group who’ve agreed to similar “bail-in” plans – is correctly perceived as “rigged”. Most Americans want to see the Supreme Court decision on Citizens United overturned through a constitutional amendment, surely a worthy cause if ever there were one – removing money out of politics and elections, never again allowing billionaires to literally “buy” lawmaking power in campaigns all across America.

If – when – Americans become successful in the 50 states to overturn Citizens United, besides a constitutional amendment taking money out of political campaigns another amendment could read “Taxpayer money shall not under any condition become appropriated and/or transferred to any privately owned corporation or entity”. When the inevitable Constitutional Convention comes close to reality, the number of legitimate corrections which have become necessary over the decades will be found significant and the topics of a great many, long overdue debates.

Public banking expert Ellen Brown talks to James Corbett about new G20 rules, where Cyprus-style “bail-ins” could hit ordinary depositors and pensioners very hard. Ms. Brown has spent years talking to people around America and the world about the advantages of creating public banks like the state-owned Bank of North Dakota, the most obvious advantage with respect to “rigged” protection for Wall Street high rollers in the multi-trillion dollar derivatives market being providing a safe, gambling-less place for government, pension, and private depositor money.

Ellen Brown responds to those who think public banks are not feasible or possible to set up that any government institution from city, county to state could start a public bank in a couple of months time. The interest and movement toward public banking is growing and, according to Ms. Brown: “it’s only a matter of political will”. So, will Americans settle for privately owned bank corporations, whose charters demand profit maximization, to continue running all things financial in the 50 states?

Or will Americans in every state take strong actions which embrace self-determination and sovereignty, with the supreme goal of returning the power to control the nation’s monetary affairs to the people, in the form of a public central bank to replace the Federal Reserve created in 1913?

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